Trying to repay a student loan can be a daunting task.
So when a phone call, email, or letter suddenly appears to be providing help, it can look like a coveted miracle. Student debt relief service proposals may seem true, and state officials often warn them that they are.
The state banking and securities office and the Ministry of Education have recently issued a warning that student loan forgiveness fraud is on the rise.
Sector officials say the economic struggle caused by the COVID-19 pandemic has created a ripe environment for fraudsters to take advantage of those who are struggling to repay their debts.
“As the pandemic continues, many consumers are seeking financial relief,” said Richard Vague, director of banking and securities. “Like other scams, these perpetrators prey on people’s hopes and vulnerabilities and create ideal scenarios for exploiting them.”
Fraudsters are getting the attention of student debt recently received — public calls for debt forgiveness, pandemic-related suspensions of loan payments — and about the changing situation of student debt to fool people. confusion.
Authorities said anyone contacted about a student loan allowance would need to make sure it was legal before providing any personal information. Here are some tips to distinguish between fraud and the real thing:
- Be skeptical. Fraudsters often illegally obtain student loan information. Just because someone has information about your loan doesn’t mean they should be…